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AI-7901     Topics Of Discussion      D.        Council Work Session Meeting Date: 10/19/2021   OWDA Water Revenue Bond Refinancing - Refunding Series 2013A Water Revenue Bonds Submitted By: Jim Bell Department: Division: Accounting Council Committee Review?: Council Work Session   Date(s) of Committee Review: 10/19/2021   Audio-Visual Needs: None Legal Review: Emergency Legislation?: Yes Motion/Ordinance/ Resolution No.:

Agenda Item Description or Legislation Title OWDA Water Revenue Bond Refinancing      *  Refunding Series 2013A Water Revenue Bonds Purpose and Background The proposed ordinance would allow for the refinancing of the remaining principal amount of $4,260,000 of the Series 2013A Water Revenue Bonds. The bonds would be refinanced using an Ohio Water Development Authority (OWDA) Loan with an estimated interest rate of 1.7%.  The average coupon of the refunded bonds is 4.7%, therefore the City will realize a total savings of $1,529,245.  The average annual debt service cash flow savings is estimated to be almost 36% or $90,000.  Staff requests this ordinance be passed as an emergency so pricing and settlement of the OWDA loan can take place prior to 12/1/2021.

Fiscal Impact Source of Funds: Water Funds Cost: N/A Recurring Cost? (Yes/No): Yes Funds Available in Current Budget? (Yes/No): Yes Financial Implications: Refunding the 2013A bonds would result in a reduced average annual debt payment of approximately $90,000.

Attachments Ordinance Exhibit A